Helpful Articles

Asset protection refers to legal processes used to protect assets against lawsuits and creditor seizures. While many methods exist, some of the more common include setting up a limited partnership, asset protection trust, or limited liability corporation.

Many people believe asset protection is reserved for the wealthy, but this isn't the case. One of the greatest threats toU.S.residents is lawsuits. Believe it or not, around 50,000 lawsuits are filed every day. People often lose everything they own because they didn't engage in proper planning.

Personal lawsuits can quickly bankrupt a person's life savings and leave them swimming in debt for years to come. Professional malpractice and employment lawsuits can destroy a company that's been around for decades.

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Business law affects every company regardless of its size or type of entity. Companies that fail to become familiar with these laws can face stiff penalties or even jail time for non-compliance. Therefore, it is vital to understand which laws apply to your business long before opening the doors.

Advertising law pertains to the way in which products are marketed to the customers. Businesses must comply with laws and regulations established by the Federal Trade Commission when advertising products.

Succession planning plays an instrumental role in readying employees for advancement. These methods are often referred to as 'grooming' employees, but the reality is these methods are vital for a company's overall success.

Companies that don't engage in succession planning may find their self in challenging situations if key personnel leave their position. Bringing employees up to speed to fill the role often results in delays and financial losses.

As a business grows and expands, owners need to identify employees that can be promoted into key positions. Owners should always have a 'right hand man' around that could take over business operations at any given time.

Trusts are used to safeguard estate assets and reduce estate and inheritance taxes. Most people find the process somewhat confusing because there are different kinds of trusts and methods for setting them up. Some of the most common include: revocable, irrevocable, living, and testamentary trusts.

Essentially, trusts are used to secure property that is intended to benefit other people. While there are many kinds of trusts, each includes similar elements. Each involves the person creating the trust, the person managing the trust, and the people that benefit from the trust.

The individual that sets up the trust and is the owner of estate possessions is known as the Trustor. This person is also referenced by different names such as Donor, Settler, and Grantor. These terms vary by location, but always refer to the person making the trust.

Craton, Switzer & Tokar LLP Disclaimer: Any information posted at this site should not be interpreted as legal advice. You must do your own due-diligence to determine hiring a professional law firm to represent and/ or collaborate on any of your legal needs. Use of or communication via this site in no way creates an attorney-client relationship between our firm or any of our attorneys.